Life has it’s ups and downs. Mistakes happen. And we’re taught at an early age that we have to pay for our mistakes.

Wachovia made a mistake. 6,350 people will pay for that mistake right off the bat by losing their pay checks, their health care coverage… their livelihoods. The rest of us will pay, as we do with everything god damned thing our dumb ass government can throw at us, through taxation.

So how can someone make such a colossal mistake, and still expect a bailout from taxpayers? That’s easy - they’re wealthy. They are members of the American elite with which our government caters and bows to explicitly (except in rare election year instances).

Wachovia reports $8.86 billion quarterly loss

Bank will leave the wholesale mortgage business, cutting 6,350 jobs

CHARLOTTE, N.C. - Wachovia Corp. lost $8.86 billion in the second quarter, and said Tuesday it was slashing its dividend and cutting 6,350 jobs after losses tied to mortgages soared.

Even excluding one-time items, the results substantially missed Wall Street estimates, and shares sank to mid-1991 levels. [...]

The so-called “Pick-a-Payment” loans, which Wachovia inherited from Golden West, have proved a headache for the bank and a lightning rod for shareholders, defaulting at higher rates than other mortgages.